The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has defended the Federal Government’s resolution of the long-running dispute over OPL 245, accusing critics of pursuing selfish interests rather than the national good.
In a statement issued on Wednesday, the AGF faulted comments from the media office of former Vice-President Atiku Abubakar, accusing them of misrepresenting what he described as a major breakthrough in resolving a dispute spanning nearly three decades.
According to the statement, the oil block OPL 245 was first awarded to Malabu Oil and Gas Limited in 1998, revoked in 2001, and later reallocated in 2002 to Shell Nigeria Ultra-Deep Limited, triggering years of litigation and investigations.
The AGF said the disputes were addressed through a 2011 Resolution Agreement involving the Federal Government, Malabu, Shell entities, and Nigerian Agip Exploration Limited.
Under the deal, Malabu relinquished its claims, while the block was reassigned to joint operators.
He added that subsequent legal proceedings in multiple jurisdictions, including the United States, the United Kingdom, and Italy, did not establish any wrongdoing against the companies involved.
The statement further revealed that Nigeria later faced arbitration at the International Centre for Settlement of Investment Disputes (ICSID), where it faced potential liabilities exceeding two billion dollars due to delays in converting the oil block into a mining lease.
Fagbemi explained that the arbitration focused strictly on treaty obligations and not on ownership disputes, noting that none of the current critics were involved in the proceedings.
Describing OPL 245 as one of Nigeria’s most valuable offshore assets, located about 150 kilometres offshore, the AGF said its prolonged underdevelopment was due to legal and political challenges.
He added that the current administration, led by President Bola Ahmed Tinubu, has now created a pathway for its full development, with projected output of up to 150,000 barrels per day and significant gas export potential.
The AGF also cited a recent Court of Appeal decision in Nigerian Agip Exploration Limited v. Malabu Oil and Gas Limited, which dismissed Malabu’s claims as statute-barred and an abuse of court process.
He concluded that continued opposition to the resolution undermines national interest, urging Nigerians to disregard what he described as misleading narratives designed to frustrate national progress.
(Editor: Ada Ononye)
